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Start Free TrialBanking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Section 10B
Title: Transfer of Unpaid or Unclaimed Dividend to Unpaid Dividend Account
State: Central
Year: 1980
.....transfer such unpaid amount to the account referred to in sub-section (1). (3) Any money transferred to the Unpaid Dividend Account of a corresponding new bank in pursuance of this section which remains Unpaid or unclaimed for a period of seven years from the date of such transfer, shall be transferred by the corresponding new bank to the Investor Education and Protection Fund established under sub-section (1) of section 205C of the Companies Act, 1956(1 of 1956). (4) The money transferred under sub-section (3) to the Investor Education and Protection Fund shall be utilised for the purposes and in the manner specified in section 205C of the Companies Act,1956(1 of 1956).] ________________________________________________________________ 1. Inserted by the Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006 w.e.f. 16.10.2006.
View Complete Act List Judgments citing this sectionMaruti Limited (Acquisition and Transfer of Undertakings) Act, 1980 Preamble 1
Title: Maruti Limited (Acquisition and Transfer of Undertakings) Act, 1980
State: Central
Year: 1980
.....to modernise the automobile industry, to effect a more economical utilisation of scarce fuel and to ensure higher production of motor vehicles which are essential to the needs of the economy of the country and for matters connected therewith or incidental thereto. WHEREAS Maruti Limited had been engaged in the manufacture and production of articles mentioned in the First Schedule to the Industries (Development and Regulation) Act, 1951, namely, automobiles; AND WHEREAS an order has been made for the winding up of the Company and proceedings for its liquidation are pending in the High Court of Punjab and Haryana; AND WHEREAS the undertakings of the Company have not been functioning; AND WHEREAS it is necessary to utilise the production facilities and equipment of the undertakings of the Company so as to increase the production of motor vehicles and generate employment in the interest of the general public; BE it enacted by Parliament in the Thirty-first Year of the Republic of India as follows:--
View Complete Act List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Preamble 1
Title: Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980
State: Central
Year: 1980
THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1980 (Act, No. 40 of 1980) [11th July, 1980] PREAMBLE An Act to provide for the acquisition and transfer of the undertakings of certain banking companies, having regard to their size, resources, coverage and organization, in order further to control the heights of the economy, to meet progressively, and serve better, the needs of the development of the economy and to promote the welfare of the people, in conformity with the policy of the Stale towards securing the principles laid down in clauses (b) and (c) of Article 39 of the Constitution and for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Thirty first year of the Republic of India as follows:
View Complete Act List Judgments citing this sectionBengal Chemical and Pharmaceutical Works Limited (Acquisition and Transfer of Undertakings) Act, 1980 Preamble 1
Title: The Bengal Chemical and Pharmaceutical Works Limited (Acquisition and Transfer of Undertakings) Act, 1980
State: Central
Year: 1980
.....and other products, which are essential to the needs of the general public; AND WHEREAS, the Central Government, being of opinion, after an investigation into the affairs of the Company, that the affairs of the company have been managed in a manner highly detrimental to the public interest, had authorised, under section 18A of the Industries (Development and Regulation) Act, 1951, a body of persons to take over the management of the Company. AND WHEREAS for the purpose of reconstructing and rehabilitating the undertakings owned by the Company so as to subserve the interest of the general public by the augmentation of production and distribution of different varieties of chemicals (other than fertilizers), drugs, pharmaceutical and other products which are essential to the needs of the general public and to secure the continued supply thereof, it is necessary to acquire the undertakings of the Company. BE it enacted by Parliament in the Thirty-first Year of the Republic of India as follows:
View Complete Act List Judgments citing this sectionNational Company Limited (Acquisition and Transfer of Undertakings) Act, 1980 Preamble 1
Title: National Company Limited (Acquisition and Transfer of Undertakings) Act, 1980
State: Central
Year: 1980
.....a view to securing the proper management of such undertakings so as to subserve the interests of the general public by ensuring the continued manufacture, production and distribution of articles made of jute, which are essential to the needs of the economy of the country and for matters connected therewith or incidental thereto. WHEREAS Messrs. National Company Limited had been engaged in the manufacture and production of articles mentioned in the First Schedule to the Industries (Development and Regulation) Act, 1951, namely, textiles made wholly or in part of jute; AND WHEREAS the management of the undertakings of Messrs. National Company Limited was taken over by the Central Government under section 18AA of the Industries (Development and Regulation) Act, 1951; AND WHEREAS it is necessary to acquire the undertakings of Messrs. National Company Limited to ensure that the interests of the general public are served by the continuance by the undertakings of the Company, of the manufacture, production and distribution of the aforesaid articles, which are essential to the needs of the economy of the country; BE it enacted by Parliament in the Thirty-first Year of the.....
View Complete Act List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Complete Act
Title: Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980
State: Central
Year: 1980
.....V Section10 - Closure of accounts and disposal of profits Section10A - Annual general meeting Section10B - Transfer of unpaid or unclaimed dividend to Unpaid Dividend Account Section11 - Corresponding new bank deemed to be an Indian company Section12 - Vacation of office of Chairman, etc. Section12A - Bonus Section13 - Obligations as to fidelity and secrecy Section14 - Custodian to be public servant Section15 - Certain defects not to invalidate acts or proceedings Section16 - Indemnity Section16A - Arrangement with corresponding new bank on appointment of Directors to prevail Section17 - Construction of references to existing banks Section18 - Dissolution Section18A - Supersession of Board in certain cases Section19 - Power to make regulations Section20 - Repeal Section21 - Repeal and saving ScheduleI - FIRST SCHEDULE ScheduleII - SECOND SCHEDULE ScheduleIII - THIRD SCHEDULE Amending Act1 - BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) AND FINANCIAL INSTITUTIONS LAWS (AMENDMENT) ACT, 2006
List Judgments citing this sectionBengal Chemical and Pharmaceutical Works Limited (Acquisition and Transfer of Undertakings) Act, 1980 Section 7
Title: Transfer of the Undertakings of the Company from an Existing Government Company to a New Government Company
State: Central
Year: 1980
(1) Notwithstanding anything contained in sections 3 and 4, where the undertakings of the Company have been directed, under sub-section (1) of section 6, to vest in an existing Government company, the Central Government may, if it is satisfied that a new Government company is willing to comply, or has complied, with such terms and conditions as that Government may think fit to impose, declare, by notification, that the undertakings of the Company be transferred to that new Government company, and on the issue of such declaration, the right, title and interest of the Company in relation to its undertakings which had been directed under sub-section (1) of section 6 to vest in an existing Government company, shall, instead of continuing to vest in that existing Government, company, vest in that new Government company with effect from the date on which such declaration is made. (2) Where the right, title and interest of the existing Government company in relation to the undertakings of the Company vest under sub-section (1) in a new Government company, that new Government company shall, on and from the date of such vesting, be deemed to have become the owner in relation to such.....
View Complete Act List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Chapter II
Title: Transfer of the Undertakings of Existing Banks and Share Capitals of the Corresponding New Banks
State: Central
Year: 1980
.....by him in this behalf realise any asset and discharge any liability of the existing bank. (4) Unless otherwise expressly provided by this Act, all contracts, deeds, bonds, agreements, powers of attorney, grants of legal representation and other instruments of whatever nature subsisting or having effect immediately before the commencement of this Act and to which the existing bank is a party or which are in favour of the existing bank shall be of full force and effect against or in favour of the corresponding new bank, and may be enforced or acted upon as fully and effectually as if in the place of the existing bank the corresponding new bank had been a party thereto or as if they had been issued in favour of the corresponding new bank. (5) If, immediately before the commencement of this Act, any suit, appeal or other proceeding of whatever nature in relation to any business of the which has been transferred under section 4, is pending by or against the existing bank, the same shall not abate, be discontinued or be in any way, prejudicially affected by reason of the transfer of the undertaking of the existing bank or of anything contained in this Act but the suit,.....
View Complete Act List Judgments citing this sectionBanking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Amending Act 1
Title: Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006
State: Central
Year: 1980
.....Act, 1959, the Deposit Insurance and Credit Guarantee Corporation Act, 1961, the Export-Import Bank of India Act, 1981 and the National Housing Bank Act, 1987. BE it enacted by Parliament in the Fifty-seventh Year of the Republic of India as follows:-- CHAPTER I PRELIMINARY 1. Short title and Commencement.-- (1) This Act may be called the Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act, 2006. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint: Provided that different dates may be appointed for different provisions of this Act and any reference in such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision. CHAPTER II AMENDMENTS TO THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1970 2. Amendment of section 3.-- In section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970(5 of 1970) (hereafter in this Chapter referred to as the Bank Nationalisation Act),-- (a) in sub-section (2B), for clause (c), the following shall.....
View Complete Act List Judgments citing this sectionNational Company Limited (Acquisition and Transfer of Undertakings) Act, 1980 Section 6
Title: Transfer of Undertakings of the Company from an Existing Government Company to a New Government Company
State: Central
Year: 1980
(1) Notwithstanding anything contained in sections 3 and 4, where the undertakings of the Company have been directed, under sub-section (1) of section 5, to vest in an existing Government company, the Central Government may, if it is satisfied that a new Government company is willing to comply, or has complied with such terms and conditions as that Government may think fit to impose, declare, by notification, that the undertakings of the Company be transferred to that new Government company; and on the issue of such declaration, the right, title and interest of the Company in relation to its undertakings, which had been directed under sub-section (1) of section 5 to vest in an existing Government company, shall, instead of continuing to vest in that existing Government company vest in that new Government company with effect from the date on which such declaration is made. (2) Where the right, title and interest of the existing Government company in relation to the undertakings of the Company vest under sub-section (1) in a new Government company, that new Government company shall, on and from the date of such vesting, be deemed to have become the owner in relation to such.....
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